On November 2, RDP-MMD Company established a $200.00 petty cash fund. On November 30, the following...

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On November 2, RDP-MMD Company established a $200.00 petty cash fund. On November 30, the following items appeared in the petty cash box and the custodian requested for replenishment: Receipt for the repair of the copy machine = $30.00 • Receipt from Office Depot for pens & paper = $60.00 Receipt for stamps = $42.00 Signed voucher from the owner for personal use = $50.00 ● The physical cash count is $15.00 on November 30. Requirements: 1. Record the establishment of petty cash on November 2 in a general journal entry. Provide explanations. 2. Record the reimbursement of petty cash on November 30 in a general journal entry. Provide explanations. MIDTERM Answer Sheet Problem #4 DATE GENERAL JOURNAL ACCOUNT TITLES DEBIT CREDIT On November 2, RDP-MMD Company established a $200.00 petty cash fund. On November 30, the following items appeared in the petty cash box and the custodian requested for replenishment: Receipt for the repair of the copy machine = $30.00 • Receipt from Office Depot for pens & paper = $60.00 Receipt for stamps = $42.00 Signed voucher from the owner for personal use = $50.00 ● The physical cash count is $15.00 on November 30. Requirements: 1. Record the establishment of petty cash on November 2 in a general journal entry. Provide explanations. 2. Record the reimbursement of petty cash on November 30 in a general journal entry. Provide explanations. MIDTERM Answer Sheet Problem #4 DATE GENERAL JOURNAL ACCOUNT TITLES DEBIT CREDIT

Answer rating: 100% (QA)

Step 1 Petty Cash It is a small amount of cash kept on hand f... View the full answer